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| ZP Apartments, 5610 North Miami Avenue, Miami, FL |
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| Evan P. Kristol |
MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, today announced the sale of ZP Apartments, an
89-unit apartment property located in Miami, FL. The asset sold for $4,350,000.
Evan P. Kristol, a Senior Vice President Investments,
and Felipe J. Echarte, a Vice President Investments, both in Marcus
& Millichap’s Ft. Lauderdale office, had the exclusive listing to market
the property on behalf of the seller, a local private investor.
“ZP Apartments offered investors a rare opportunity to
acquire a critical mass of units situated on almost 2.5 acres in the city of
Miami.
“This area is primed for the redevelopment and repositioning
of existing properties because of the growth of Midtown and the Design
District, as well as the progression of development northward along Biscayne
Boulevard and other north/south corridors.
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| Felipe J. Echarte |
“ The buyer of ZP Apartments has a potential upside in the
rent through strong management and making further renovations to the units,”
says Echarte.
ZP Apartments is an 89-unit apartment community consisting
of two folios and 12 buildings which are located about a mile north of the
Design District and several blocks west of Biscayne Boulevard. The property is located at 5610 N. Miami
Avenue in Miami, FL.
For a complete copy of the company’s news release, please
contact:
Ryan Nee
Regional Manager
Ft. Lauderdale, FL
(954) 245-3400
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